Gun sales reportedly reached a record high in July, which saw an increase in sales of 133% compared to last year, according to the Washington Free Beacon.
Gun sales have hit record-highs for 5 consecutive months, and gun companies have seen a surge in profits. Sturm, Ruger & Company announced Thursday that they had tripled their earnings and increased net sales by $43, 536,000 this year, and Smith & Wesson Brands Inc. reported a 32.9% increase in net sales in the fourth quarter of 2020, according to the Washington Free Beacon.
Sturm, Ruger & Company CEO Chris Killoy called it a “staggering increase in demand.” (RELATED: Gun Sales In 2020 Are Absolutely Crushing Records)
“Having been in this industry for 30 years, I saw the surge in 1994 before the assault weapons ban took place,” he said. “This is probably the strongest level of demand that I’ve seen.”
A customer shops for a pistol at Freddie Bear Sports sporting goods store on December 17, 2012 in Tinley Park, Illinois. Americans purchased a record number of guns in 2012 and gun makers have reported a record high in demand. (Photo by Scott Olson/Getty Images)
“One of the most significant differences is how it has impacted all levels of the channel and the impact on inventory at all levels,” he added.
Killoy said that concern about protection during the coronavirus pandemic and ongoing protests, along with calls to defund the police, are contributing to the rise in firearm sales.
While many businesses suffered due to forced closures during the pandemic, Killoy said that his company “never lost a day of production.” (RELATED: Study: Over 100,000 Small Businesses Have Closed Forever As Result Of Coronavirus Pandemic)
“We had some impacts to individual lines for a shift or two, but in all cases, we’re able to keep all of our factories open and operating. The demand was solid throughout,” he added. “We got used to dealing with COVID-19. And our practices and procedures really solidified and we were able to become much more of a routine.”